The U.S. Bureau of Economic Analysis (BEA) is reporting that when compared to Q2 of 2020, real gross domestic product (GDP) in Q3 rose in all 50 states and the District of Columbia. Nationally, in Q3 2020 real GDP growth increased to 33.4%, after suffering a decrease of 31.4% in Q2 of 2020.
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October’s Monthly Furniture Insight Survey Reports Increasing Demand for Residential Furniture as Economy Continues to Recover from the COVID-19 Pandemic
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors continues to show ongoing improvement. The survey considered a 40% increase in new orders over October 2019.
Construction Sector Adds Jobs in December Despite Nonfarm Payroll Overall Decline
A deeper look into the Bureau of Labor Statistics (BLS) December nonfarm payroll employment report reveals that while total nonfarm payroll employment declined by 140,000 and the unemployment rate held steady at 6.7%, the construction industry sector added new jobs.
The Number of Homes For Sale in U.S. Hits New Record Low Level in December
According to the Monthly Housing Trends Report published by Realtor.com, the number of U.S. homes for sale dipped below 700,000 for the first time, setting a new record low mark for listed inventory. Year-over-year, the number of homes for sale nationally was down by 39.6%, with 449,000 fewer homes for sale when compared to December 2019.
Delinquency Rates on Commercial and Multifamily Properties Increase for Second Consecutive Month in December
According to the latest Mortgage Banker Association’s (MBA) latest monthly MBA CREF Loan Performance Survey, the delinquency rates for mortgages backed by commercial and multifamily properties, which includes lodging and retail properties, increased for the second consecutive month in December.
Nonfarm Payroll Declines in December
The Bureau of Labor Statistics (BLS) is reporting that in December total nonfarm payroll employment declined by 140,000. The unemployment rate held steady at 6.7%, or 10.7 million unemployed persons.
Fannie Mae Home Purchase Sentiment Index® Declines for Second Consecutive Month
According to the Fannie Mae Home Purchase Sentiment Index® (HPSI), consumer confidence in home-buying and home-selling declined from November’s reading of 80.0 to a reading of 74.0 in December. The HPSI is now at its lowest level since May 2020.
Mortgage Rates Set New Record Low Level in the Week Ending January 7th, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending January 7th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.65% with an average 0.7 point down from last week when it averaged 2.67%.
Job Cuts Spike in December – Up 18.9% from November
According to the latest released report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, planned job cuts announced by U.S. based employers jumped to 77,030 in December. An increase of 18.9% from November’s announced cuts of 64,797.
ADP Reports Private Sector Employment Decreased by 123,000 Jobs in December
According to the August ADP National Employment Report® nonfarm private sector employment decreased by 123,000 jobs from November to December. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.